Selected stock price target news of the day - January 24th, 2024

By: Matthew Otto

Verizon Q4 2023 Performance with Growth in Wireless Subscribers

Verizon reported the fourth quarter of 2023 with a revenue for the year reaching $76.7 billion, marking a 3.2% year-over-year increase. This growth was driven by 449,000 postpaid phone net adds in Mobility, with 318,000 of those in the Consumer segment. The launch of myPlan offering, a flexible wireless plan, contributed to Verizon garnering 13.1 million subscribers since its introduction in May. Additionally, Verizon Business demonstrated strength with 131,000 postpaid phone net adds, marking the tenth consecutive quarter of net adds above 125,000. In the broadband segment, Verizon experienced growth with over 1.7 million net broadband additions for the year, including more than 1.5 million from fixed wireless access. The company’s financial foundation was reflected in a full-year adjusted EBITDA of $47.8 billion, contributing to a free cash flow of $18.7 billion.

Looking forward to 2024, the company anticipates a 2% to 3.5% growth in wireless service revenue. The adjusted EBITDA is expected to grow by 1% to 3%. The adjusted earnings per share for 2024 is projected to be in the range of $4.50 to $4.70. With capital spending expected to range between $17 billion and $17.5 billion.

Analysts Bullish as Price Targets Soar Amid Positive Ratings

Raymond James analyst Frank Louthan maintained an Outperform rating and raised the price target from $42 to $46.
Daiwa Capital analyst Jonathan Kees upgraded from Neutral to Outperform and set a price target of $47.
Keybanc analyst Brandon Nispel maintained an Overweight rating and raised the price target from $45 to $46.
JPMorgan analyst Philip Cusick raised the price target to $46.
BofA analyst David Barden reiterated a Neutral rating with a price target of $41.
Wells Fargo analyst Eric Luebchow increased the price target to $44.
TD Cowen analyst Colby Synesael raised the price target to $48.

Which Analyst has the best track record to show on VZ?

Analyst Eric Luebchow (WELLS FARGO) currently has the highest performing score on VZ with 3/6 (50%) price target fulfillment ratio. His price targets carry an average of $3.01 (8.14%) potential upside. Verizon stock price reaches these price targets on average within 195 days.

Webster Q4 2023 Earnings and Strategic Expansion with Ametros Acquisition

Webster Financial reported financial results for the fourth quarter of 2023. The company’s adjusted earnings per share saw an increase from $5.62 to $5.99 on a full-year basis. Additionally, Webster maintained capital levels with a common equity Tier 1 ratio of 11.12% and a tangible common equity ratio of 7.73%. The bank’s return on assets stood at 1.43%, while the return on tangible common equity reached 20.5%. Loan growth, particularly in strategic commercial categories, increased by approximately 1%. Webster’s efficiency ratio closed the year at 42%, underscoring its commitment to operational efficiency.

Furthermore, the acquisition of Ametros, announced in the prior year, is anticipated to add a new dimension to Webster’s funding diversity. The bank expects the Ametros transaction to be modestly accretive to earnings in 2024 and 3% accretive in 2025. The outlook for 2024 includes projections for loans and deposits to grow in the range of 5% to 7%.

Analyst Perspectives Diverge on Webster Financial

JP Morgan analyst Steven Alexopoulos upgraded from Neutral to Overweight and the price target from $60 to $65.
Raymond James analyst Daniel Tamayo maintained an Outperform rating and raised the price target from $57 to $60.
Citi analyst Benjamin Gerlinger lowered the price target to $60.

Which Analyst has the best track record to show on WBS?

Analyst Manan Gosalia (MORGAN STANLEY) currently has the highest performing score on WBS with 6/7 (85.71%) price target fulfillment ratio. His price targets carry an average of $3.52 (7.41%) potential upside. Webster Financial stock price reaches these price targets on average within 73 days.

Netflix Surpasses Expectations with 13.1 Million Subscriber Growth in Q4 2023

Netflix’s fourth-quarter results exceeded expectations, reporting an addition of 13.1 million subscribers, bringing the total paid subscribers to a record 260.8 million. The company’s net income for the quarter was $937.8 million, or $2.11 per share, compared to $55.3 million, or 12 cents per share, in the previous year. With a focus on profitability, Netflix raised its 2024 full-year operating margin forecast to 24% and projected first-quarter 2024 earnings per share at $4.49, surpassing Wall Street estimates of $4.10. The company is poised to invest in an expansive content slate, distinguishing itself from competitors who are cutting back on content spending.

In addition to its subscriber growth, Netflix is actively developing its advertising-based plan, with over 23 million global monthly active users. Netflix’s strategic approach involves partnerships with content creators from traditional linear spaces rather than pursuing acquisitions of conventional entertainment companies.

Analysts Diverge on Netflix Ratings and Targets

Macquarie’s Tim Nollen upgraded from Neutral to Outperform and the price target from $410 to $595.
Wedbush’s Michael Pachter maintained an Outperform rating and raised the price target from $525 to $615.
Deutsche Bank’s Bryan Kraft downgraded from Buy to Hold and revised the price target from $460 to $525.
Keybanc’s Justin Patterson kept an Overweight rating and increased the price target from $545 to $580.
MoffettNathanson’s Michael Nathanson reiterated a Neutral rating and increased the price target from $390 to $440.
Evercore ISI’s Mark Mahaney maintained an Outperform rating and a $500 price target.
Benchmark’s Matthew Harrigan kept a Sell rating and raised the price target from $350 to $425.

Which Analyst has the best track record to show on NFLX?

Analyst Benjamin Swinburne (MORGAN STANLEY) currently has the highest performing score on NFLX with 40/46 (86.96%) price target fulfillment ratio. His price targets carry an average of $63.88 (13.14%) potential upside. Netflix stock price reaches these price targets on average within 171 days.